Britain's best known portfolio manager apologized to investors after being forced to suspend trading on his flagship fund after mounting losses and withdrawals.
Woodford Investment Management has suspended its flagship Woodford Equity Income fund after a slew of investor withdrawals and ongoing performance woes.Neil Woodford told investors he is "extremely sorry" about the decision.
In the three-minute video, Woodford said his current strategy is to reduce the fund's exposure to illiquid and unquoted stocks to zero, a process which was made "much more difficult" by massive outflows from the fund. "The suspension of dealing in the fund gives us the time and space to execute that strategy to reduce our exposure and redeploy that capital into more liquid stocks in the FTSE 350, but primarily the FTSE 100, that fit in with my core strategy, but which are more liquid and more conventional, if you like," Woodford said.
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